Financial Crimes Enforcement Network 2015 – Federal Register Recent Federal Regulation Documents

By this notice, the Financial Crimes Enforcement Network (FinCEN) of the Department of the Treasury (Treasury) announces the availability of two related documents that are part of the Customer Due Diligence Requirements for Financial Institutions Proposed Rulemaking: A Regulatory Impact Assessment (RIA) and an Initial Regulatory Flexibility Analysis (IRFA).

On July 29, 2015, FinCEN issued a Final Rule imposing the fifth special measure against FBME Bank Ltd. (FBME), formerly known as the Federal Bank of the Middle East, Ltd., with an effective date of August 28, 2015. On August 27, 2015, the United States District Court for the District of Columbia granted FBME's motion for a preliminary injunction and enjoined the Final Rule from taking effect. On November 6, 2015, the Court granted the Government's motion for voluntary remand to allow for further rulemaking proceedings. FinCEN is hereby re-opening the Final Rule to solicit additional comment in connection with the rulemaking, particularly with respect to the unclassified, non-protected documents that support the rulemaking and whether any alternatives to the prohibition of the opening or maintaining of correspondent accounts with FBME would effectively mitigate the risk to domestic financial institutions.

In a finding, notice of which is published elsewhere in this issue of the Federal Register (``Notice of Finding''), the Director of FinCEN found that Banca Privada d'Andorra (``BPA'') is a financial institution operating outside of the United States that is of primary money laundering concern. FinCEN is issuing this notice of proposed rulemaking (``NPRM'') to propose the imposition of a special measure against BPA.

FinCEN invites comment on the renewal of an information collection requirement for the recordkeeping and reporting of suspicious activities by brokers or dealers in securities and futures commission merchants (FCMs) and introducing brokers in commodities (IBs).\1\ The Bank Secrecy Act Suspicious Activity Report, (``BSAR'') \2\ will be used by these entities to report suspicious activity to FinCEN. This request for comments also covers 31 CFR 1023.320, relating to reports by brokers or dealers in securities of suspicious transactions, and 31 CFR 1026.320, reports by futures commission merchants and introducing brokers in commodities of suspicious transactions. This request for comments is being made pursuant to the Paperwork Reduction Act (``PRA'') of 1995, Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).

FinCEN invites all interested parties to comment on its proposed renewal without change of the Bank Secrecy Act (``BSA'') Suspicious Activity Reporting requirements for residential mortgage lenders and originators. FinCEN intends to submit this requirement for approval by the Office of Management and Budget (``OMB'') of a three- year extension of Control Number 1506-0061. This request for comments is made pursuant to the Paperwork Reduction Act (``PRA'') of 1995, Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).

As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comment on a renewal without change to a currently approved information collection contained in the Registration of Money Services Business, FinCEN Form 107. The form will be used by dealers in foreign exchange, check cashers, issuers or sellers of traveler's checks or money orders, issuers, sellers, or redeemers of stored value, and money transmitters to register with the Department of the Treasury as required by statute. This request for comments is being made pursuant to the Paperwork Reduction Act of 1995, Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).